U.S. Grand Jury Charges South Dakota Crypto Investor Benjamin Paul Wiener With 29 Counts

A federal grand jury in the United States has indicted South Dakota-based crypto investor Benjamin Paul Wiener, 43, on 29 counts including wire fraud, money laundering, bank fraud, and aggravated identity theft. According to ChainCatcher, prosecutors said the case involves about $20 million and affected dozens of investors in South Dakota and Minnesota.

Prosecutors allege Wiener used eight controlled entities to make false statements that induced investors to put in money and crypto assets, then moved funds through banks and cryptocurrency exchanges and spent the proceeds on personal expenses. They also said he recruited new investors to repay earlier ones after redemption requests increased or new money dried up, describing the scheme as a Ponzi-style fraud.

The indictment also accuses Wiener of using forged documents, communication records, and stolen identity information in April 2025 to obtain a $1 million line of credit from a bank. He has pleaded not guilty to all charges and was released on bail pending trial, which is scheduled to begin on September 15.

Under U.S. law, wire fraud and money laundering each carry a maximum sentence of 20 years in prison, bank fraud carries up to 30 years, and aggravated identity theft carries a mandatory consecutive sentence of at least two years.